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1. 616 Insurance agents are
Who work for customers
Who works for their own interest
Who work only for insurance company
2. 3.7. An agent should disclose the commission if ....
the commission is low
the commission is high
Customer asks for it
If customer not asks for it
3. 636. If a person is concentrating more on health plan and retirement plan then at which stage of life is he in. ?
Young married with Kids
4. JN78. Weekly premium option can be taken in which kind of policy?
Whole Life Policy
5. 185. Sahil has taken insurance policy of 1 crore SA. Underwriter will asks for moral hazard report from:
Sahil`s insurer employee
6. KB18. Third party administration is a part of ………..
7. a29. Detailed Investigation will be triggered in case of
All death claims
Early death claims
Rider benefit claims
8. 3.23 According to Insurance Brokers Association of India, what is the most appropriate relationship between Insurer and Broker?
Insurance broker represent the client and the insurer remunerate the broker
The client represent the broker and the insurer remunerate the broker
Insurer represent both client and broker remuneration
Broker only service the client
9. a1. The amount of insurance depends on ....
Neither the peril nor the risk,
Both the peril and risk,
10. 176. If there is no claim bonus, it will result in:
Reduction in premiums next year
In crease in premium
11. a27. Policy holder has choice for making complaint to
IRDA Grievance cell
Grievance Redressal System
12. r5.17 Which tax rate is applicable, in case of Client pays the premium of 5000/- and suffers illness before maturity?
13. 4.7 The concept of Risk diversification is applicable in which of the following instrument ?
Risk Diversified Insurance
Risk Sharing insurance
14. KA34. The age of appointee should be more than--------
the age of nominee
15. 10a. A human being is......
An economic asset,
An income earning asset,
Is the perishable asset,
All three are correct.
16. AA2. In which of the following case there is no defined retirement age?
Public sector employees
Professionals & Businessmen
Private sector employees
All of the above
17. 3.42 If a person is absconding then after how many years will he be considered as dead & SA paid to the nominee.
18. 3.31 Amit & Rashmi are newly married. Both are working couple. They want to invest their savings of 100,000 annually to build corpus to make down payment for their house 5 years from now. An adviser sold them a unit link product to meet their requirement. This may result in
Ruining the long term reputation of company
Opportunity of new business for adviser
Bad reputation of the individual adviser.
Financial burden on the couple
19. 630 If a person already suffering from some disease and had not mentioned it in the proposal form then as per IRDA code of conduct the agent should
Respect this confidentiality by not disclosing it to anyone
Notify the insurer of this matter
Refuse to act for the customer benefit
Ask the proposer’s doctor to send details to the insurer
20. 149. What will happen to the complaint which is made both to Ombudsman and COPA?
Ombudsman will diminish or dismiss the complaints
Ombudsman will hear the complaint
COPA will not hear the complaint
COPA will hear the complaint
21. KB5. Without submitting any documents proposer has received survival benefit. Which plan is this?
22. 22. The huge fund in the hand insurance companies used to develop....................
Road & Buildings
Fort & Powers
Water & Drainage
All the above
23. k26. A policy document for a money-back policy includes the statement the proposal and declaration signed by the proposer form the basis of the contract. In which main section of the policy document will this normally appear?
Terms and conditions
24. 5.4 Anumod received post taxation 5% return on his fixed deposit in a bank. If his net return is 3%, what can be the reason ?
25. K6. Why ACR?
To calculate premium
To calculate the commission due for the agent
To verify the plan proposed
To help the under writer to assess the risk
26. 3.26 What is the factor which has influence on persistency?
Role of Agent
All of the above.
27. JN85. Smitha has decided to invest Rs. 10000/- every year in ULIP and have decided to invest the same amount in PF in order to get IT exemption in 80C. In this view which of the following is correct?
Both the investments have same impact.
In ULIP IT exemption u/s 80C is not available.
PF is also not eligible for IT exemption u/s Sec. 80C.
Both are taxable as per Income tax Act 1961
28. ON16. To ensure the agent has met the needs of the client effectively at the time of the agent’s license, IRDA has drawn up a guideline that proposes …….
Renewal of the license will be done after the renewal training only
The license of the agent will not renew if less than a specified percentage of the policies sold by them are renewed annually.
A study will be conducted on the policies sold by him
All the above
29. K10. Sarath is the client and looking or large SA , and the proposal to be certified in the context of confidentiality with relevance to moral hazard, who is the concerned person to do? ..
Superior of insurance agent
30. 5.13 Within how many years a complaint can be made through consumer protection act
31. 5.12 What will be the lien amount in 3rd year as compared to the 4th year of lien.
It is higher
32. 3.21 If the client does not wish to proceed with the recommendations right at the moment the agent should
Insist on taking the product right away
Should ask for the reason for not going with the recommendation
Should ask for a future date from the client
Should review once again
33. 132. The main function of IRDA’s Grievance Redressal Call Centre is to educate the policyholder’s regarding
34. AA1. Apart from conducting a comprehensive fact-find, the other main action that an insurance agent can take at outset to minimize the risk of subsequently receiving a customer complaint is to......
Ask for referrals
Offer commission rebate
Provide detailed disclosures
Register with the insurance Ombudsman.
35. 3.8. Arjun explaining a ULIP plan to a customer and doesn't know to answer of a doubt regarding the product that the customer has. What should he do?
Ask the customer to check it himself
tell him what ever he thinks
Refer to the product brochure
must not shown any interest in the doubt
36. KAA. When undertaking financial planning for individuals without capital, what savings need is likely to be addressed in every single case?
Funds for educational costs
Funds for children's savings
House purchase funds
37. sr1. Insurance helps...
Helps in planning for life stage needs
Develops the habit of saving
Provides protection of financial security
All of the above.
38. JI23. XYZ Insurance Company has started promoting their insurance products mostly through television and news paper advertisements. Hence, the said company is operating through ...
Using both the channels
39. 606 The functions of the Insurance Ombudsman include:
Repudiation of claim
Evaluating claim settlement
Conciliation and making awards
40. 4.6 Mr. Raju has taken Critical Illness Rider. The claim will be paid..........
When Mr. Raju dies due to critical illness
When Mr. Raju is diagnosed a critical illness
When Mr. Raju's family member will be in critical illness
When Mr. Raju dies due to critical illness.
41. 5.23 If IRDA is unable to discharge its functions or duties, Central Government
Has the power to supersede the IRDA by issuing a bill in parliament
Has the power to supersede the IRDA by issuing draft
Can make changes in IRDA law
Has the power to supersede the IRDA by issuing notification
42. KB3. Manoj has taken an insurance plans from A company. But he purchased the annuity from B company. Which feature of pension plan reflects here?
Open market option
43. JI16. Under the IRDA guidelines for Claim settlement, any queries or additional documents can asked from the claimant within ...
5 days from the receipt
10 days from the receipt
15 days from the receipt
20 days from the receipt
44. R633 We can takeLoan from a policy in which there is a feature of ...........
Return of premium
45. 605 Under the prevailing FDI laws for insurance, domestic private companies are allowed to form joint ventures with foreign partners. What percent of stake can a foreign partner hold?
IRDA MOCK TEST
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